Ministry of Commerce and Industry : Special Economic Zones Amendment Rules, 2021

Ministry of Commerce and Industry : Special Economic Zones Amendment Rules, 2021

MINISTRY OF COMMERCE AND INDUSTRY

(Department of Commerce)

NOTIFICATION

New Delhi, the 16 June, 2021

G.S.R. 424 (E).—In exercise of the powers conferred by section 55 of the Special Economic Zones Act, 2005 (28 of 2005), the Central Government hereby makes the following rules further to amend the Special Economic Zones Rules, 2006, namely:—

1. Short title and commencement.–

(1) These rules may be called the Special Economic Zones (Amendment) Rules, 2021.

(2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Special Economic Zones Rules, 2006 (hereinafter referred to as the said rules), after rule 21, the following rule shall be inserted, namely: –

“21A.  Setting  up  of  Unit  by  Multilateral  or  Unilateral  or  International  agencies  in  International Financial Services Centre. –

(1) A Multilateral  agency or Unilateral agency or  International agency notified under the  United Nations (Privileges and Immunities) Act, 1947 (46 of 1947) shall be allowed to set up their local or regional office in the International Financial Services Centre as an Unit.

(2) The application for setting up and operation of such Unit in the International Financial Services Centre shall be made before the Board of Approval through the concerned Development Commissioner.

(3) The terms and conditions for setting up and operations by such Units shall be laid down by the Board of Approval based on the recommendation of the Development Commissioner.

(4) Notwithstanding anything contained under these Rules, the Board of Approval may exempt such Units from any provisions of these Rules including provisions relating to positive Net Foreign Exchange earning or filing  of  Annual  Performance  Report  or  such  other  exemption,  based  on  the  recommendation  of  the Development Commissioner.

(5) The proposal for extension of the Letter of Approval of such Units shall be considered by the Board of Approval.”.

Note: The principal rules were published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub- section (i), vide notification number G.S.R. 54(E), dated the 10th February, 2006 and last amended vide notification number G.S.R. 678(E), dated the 23rd October, 2020.